The poll of 2,000 people suggests 63% of Brits are anticipating a very difficult couple of years and 46% are concerned about their long-term financial health.

The increasing cost of living, rising bills and not being able to save for the future topped the list of concerns.

Only 18% expected their financial situation to improve, the study by Gocompare.com found.

Young adults aged 18 to 24 were the most pessimistic about their immediate financial future with 74% expecting the next two years to be tough and 65% worried they will be worse off over the long term.

The research suggests 40% of Brits believe the UK economy will go into recession.

However, 42% said they were keen for the Prime Minister to get on with the formal process of leaving the EU.  Just under a third (31%) would advise the PM to delay implementing the exit process in order for the UK to negotiate better deals with the EU, while 27% thought the process should be delayed in the hope the decision to leave could be reversed.

Tom Lewis, director of money, protection and utilities at Gocompare.com, said: “While it’s too early to judge the financial impact of Brexit, the decision to leave has already sent shock waves through the markets.  So understandably many people are concerned about the effect Brexit will have on their wallets and future financial security.”